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Viva Gold Provides an Update on PEA Study for its Tonopah Gold Project

Mining News - Published on Mon, 10 Feb 2020

Image Source: Viva Gold Tonopah Gold Project
Viva Gold Corp has provided an update on the status of work on the Tonopah gold project located on the Round Mountain extension of the prolific Walker Lane mineral trend in western Nevada, about 20 kilometers northeast of the town of Tonopah. Viva has retained Gustavson Associates of Lakewood, Colorado, to complete a PEA study to test the economic viability of an open-pit, heap-leach gold recovery mine for the Tonopah project. It is anticipated that the project will utilize three-stage crushing with agglomeration and a mining rate sized to produce gold dore over a 7 to 8 year mine life based on known gold mineral resource and not including any additional life generated from additional exploration activity. The mine plan will be based on an average gold price of $1,325 per ounce with sensitivity analysis using current spot gold prices. It is anticipated that the study will be completed in March 2020.

James Hesketh, President and CEO said “The Tonopah project has a decisive advantage to many of the existing junior company gold projects and mines in Arizona and Nevada due to the presence of near surface high-grade gold mineralization that can be targeted for mining at the start-up of operations. We anticipate that this favorable geometry can be utilized to drive early project cash flow and accelerate economic payback potential. We believe that the PEA study will outline a project with similar capital and operating cost structures to those seen in existing operating mines of similar scale in Nevada and Arizona. In addition, we believe that the project has strong potential for increased mine life with additional exploration.”

Viva management feels that the decision to move forward on a PEA study is justified based on a number of positive factors

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Posted By : Yogender Pancholi on Mon, 10 Feb 2020
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